Pros
- Swissquote is well positioned to leverage its high quality multi asset class trading platform at an international level and remain a market leader in its domestic market
- Swissquote is progressively diversifying its revenue source not only through product offering (cryptos, staking, white-label partnerships) but also structurally (asset-based) which will benefit from the increasing rates environment
- Swissquote’s strong balance sheet (a high CET1 ratio and no debt) gives it appreciated flexibility in terms of acquisition or organic growth (R&D remains key to the company’s DNA)
Cons
- Swissquote’s top-line remains strongly correlated to the health of the financial markets (low level of recurring revenues)
- Competition has pressured trading fees in recent years at a time when central banks’ low/negative rates have put pressure on net interest income
| | |
|
12/20A
|
12/21A
|
12/22E
|
12/23E
|
12/24E
|
|
PER ajusté (x)
| | |
11,6
|
11,5
|
12,4
|
12,8
|
10,9
|
|
Rendement net (%)
| | |
2,12
|
1,48
|
1,67
|
1,52
|
1,78
|
|
VE/EBITDA(R) (x)
| | |
7,17
|
7,85
|
7,55
|
7,84
|
6,27
|
|
BPA ajusté (CHF)
| | |
6,12
|
13,0
|
10,7
|
13,5
|
15,9
|
|
Croissance des BPA (%)
| | |
119
|
112
|
-17,9
|
26,9
|
17,6
|
|
Dividende net (CHF)
| | |
1,50
|
2,20
|
2,20
|
2,63
|
3,09
|
|
Chiffre d'affaires (MCHF)
| | |
317
|
472
|
400
|
486
|
557
|
|
Marge avant impôt (%)
| | |
33,4
|
47,3
|
46,5
|
48,6
|
49,9
|
|
Résultat net pdg (MCHF)
| | |
91,0
|
193
|
159
|
201
|
237
|
|
ROE (après impôts) (%)
| | |
22,3
|
36,6
|
24,0
|
26,5
|
25,1
|
|
Taux d'endettement (%)
| | |
-22,9
|
-25,1
|
-40,2
|
-50,2
|
-50,1
|
|
Next Div. Indic 2,40 CHF payment 13/05/2023
|
|
Potentiel
29,7 %
Cours (CHF)
173,2
Capi (MCHF)
2 655
|
|
Perf. 1S:
|
9,97 %
|
|
Perf. 1M:
|
-4,04 %
|
|
Perf. 3M:
|
30,6 %
|
|
Perf Ytd:
|
29,7 %
|
|
Perf. relative/stoxx600 10j:
|
-0,78 %
|
|
Perf. relative/stoxx600 20j:
|
3,49 %
|
|
